Mitsubishi Corporation agreed on 16 January to acquire the Haynesville shale gas business of Aethon, a privately held producer in Texas and Louisiana, for an equity investment of about $5.2bn, or roughly $7.5bn including debt.
Why Mitsubishi Corporation is buying Aethon III LLC and Aethon United LP (Haynesville business)
Mitsubishi said the deal marks its entry into the US shale gas business across the value chain, from upstream ownership through domestic sales and exports. The Haynesville has easy access to several LNG export terminals, including Cameron LNG, where Mitsubishi holds liquefaction capacity under a tolling agreement, and the company said it was considering exporting some of the gas to Asia, including Japan, and Europe. It also wants to supply US power generation, data centres and chemicals.
Deal terms and financing
Mitsubishi is buying all equity interests in Aethon III LLC, Aethon United LP and related entities from Aethon Energy Management and existing stakeholders including Ontario Teachers' Pension Plan and RedBird Capital Partners. The assets produce about 2.1 Bcf/d of natural gas, equivalent to about 15 million tonnes a year of LNG, and cover about 400,000 gas-producing acres with associated pipeline infrastructure.
Regulatory approvals and timing
Closing was expected between April and June 2026, subject to customary regulatory approvals. Aethon said on 14 July 2026 that it had completed the sale; operation of the assets passed to Adamas Energy, a new standalone Mitsubishi subsidiary led by former Aethon managing partner Gordon Huddleston. Aethon said it intended to take a 25% non-operated working interest in the assets, subject to conditions.
Market context
The deal is described as the largest acquisition in Mitsubishi's history and follows a wave of Asian buyers seeking US gas supply linked to growing LNG export capacity on the Gulf Coast.
